Cross-Country Determinants of Payout Policy: A Survey of European Firms

Bancel, Franck; Mittoo, Usha R.; Bhattacharyya, Nalinaksha

doi:10.2139/ssrn.683111

Cited by 32 publications

(21 citation statements)

References 3 publications

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“…Using governance metrics based on anti-takeover provisions and inside ownership, Harford et al (2008) find firms with weaker governance structures choose to repurchase instead of increasing dividends, avoiding future payout commitments. Bancel et al (2005) find that repurchase policy is influenced more by the tax structure and less by the legal system of a country compared to the dividend policy. The evidence in the study by Bartram et al (2010) shows, compared to repurchases, dividends are more likely to be the sole method of payout in high-protection countries and in firms that are less closely held.…”

Section: Payout Policymentioning

confidence: 85%

“…Licht et al (2005) and Bae et al (2009) emphasise the need to incorporate culture in the analysis of CG and dividend policy. Surveying managers of European firms, Bancel et al (2005) show ownership structure of the firm is the only factor that explains cross-sectional variation in the rankings of most determinants of payout policy. Rozeff (1982) is among the first to find evidence consistent with substitution between CG and payout.…”

Section: Payout Policymentioning

confidence: 99%

See 1 more Smart Citation

Corporate governance, accounting and finance: A review

Brown¹,

Beekes²,

Verhoeven³

2010

Accounting &Amp; Finance

491

410

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We review accounting and finance research on corporate governance (CG). In the course of our review, we focus on a particularly vexing issue, namely endogeneity in the relationships between CG and other matters of concern to accounting and finance scholars, and suggest ways to deal with it. Given the advent of large commercial CG databases, we also stress the importance of how CG is measured and in particular, the construction of CG indices, which should be sensitive to local institutional arrangements, and the need to capture both internal and external aspects of governance. The 'stickiness' of CG characteristics provides an additional challenge to CG scholars. Better theory is required, for example, to explain whether various CG practices substitute for each other or are complements. While a multidisciplinary approach to developing better theory is never without its difficulties, it could enrich the current body of knowledge in CG. Despite the vastness of the existing CG literature, these issues do suggest a number of avenues for future research.

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Section: Payout Policymentioning

confidence: 85%

Section: Payout Policymentioning

confidence: 99%

Corporate governance, accounting and finance: A review

Brown¹,

Beekes²,

Verhoeven³

2010

Accounting &Amp; Finance

491

410

View full text Add to dashboard Cite

show abstract

“…Again, these factors are consistent with our Canadian results. Bancel et al (2005) survey managers from 16 European countries to examine cross-country determinants of payout policy. Overall, they find that the factors driving European managers' views of dividend policy are largely similar to those of their U.S. peers as reported by Brav et al (2005).…”

Section: Impact Of Financial Operations On Manager Perceptions Of DIVmentioning

confidence: 99%

Impact of financial and multinational operations on manager perceptions of dividends

Baker

Dutta

Saadi

2008

Global Finance Journal

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“…The survey research results presented in this study shed light on that under which specific conditions Turkish listed firms are more likely to decide share repurchase or dividend payouts. Market price of a firm's share is the most important factor in share repurchase decision as it is such like in the survey results of Brav et al (2005) and Bancel et al (2005) for US firms and European firms. This study is one of the first empirical studies on share repurchase decision of Turkish listed firms.…”

Section: Resultsmentioning

confidence: 99%

“…Fama and French (2001), DeAngelo, DeAngelo and Skinner (2004), Baker and Wurgler (2004) investigated whether dividends disappeared, reappeared or concentrated and how the firm specific characters affect dividend behaviours. Baker, Farrelly and Edelman (1985), Powell (1999, 2000), Da Silva, Goergen and Renneboog (2004), Brav, Graham, Harvey and Michaely (2005), Bancel, Bhattacharyya and Mittoo (2005), and Denis and Osobov (2008) examined the determinants of dividend payout policy, particularly using surveys on managerial perspectives. Those researches emphasized on the cross-country, legal system and other specific characteristics of firms on dividend decisions.…”

Section: Introductionmentioning

confidence: 99%